Albanese Labor Government delivering additional $1 billion for concessional loans to support farmers

The Albanese Labor Government is delivering on its commitment to provide an additional $1 billion in loan funding through Regional Investment Corporation (RIC), with funding available from 1 July 2026.

The additional funding, which was announced in August 2025, will ensure eligible farmers can continue to access concessional loans to manage cost pressures, maintain cash flow and invest in the long-term resilience and productivity of their businesses.

This support is particularly important with some farmers facing challenging seasonal conditions.

RIC has provided more than 3,500 loans, with over $3.75 billion in settled funds giving direct benefits to Australian farmers and farm-related businesses.

RIC loan options include the new Drought Hardship Loan, which opened on 31 March 2026 and is available to farm businesses that have been affected by drought for at least 24 months and expect further impacts over the coming season.  

The Drought Hardship Loan offers up to $250,000 over a five-year term at RIC’s concessional interest rate, with no repayments required during the first two years.

The Albanese Labor Government has invested more than $1.3 billion in rural support and drought resilience measures to help farmers prepare for, adapt to, and recover from challenging conditions since July 2022.

Farmers and producers can find more information, including eligibility requirements and how to apply for concessional loans at: www.ric.gov.au

Quotes attributable to Minister for Agriculture, Fisheries and Forestry Julie Collins MP:

“The Albanese Labor Government will continue to support farmers that are facing hardship.

“The additional $1 billion announced last year will be available from 1 July ensuring farmers can continue to access Regional Investment Corporation concessional finance.

“The loans provide valuable breathing space, helping farmers manage hardship, improve cash flow and invest in the long-term future of their businesses.

“I encourage farmers to contact RIC and find out what support may be available to them.”